Dockside Realty News
Whether you are thinking of buying or selling a home, you may be considering what renovations you can do to it that will increase the resale value of the home. Some renovations generate better returns on the dollar when resale time comes around than others.
With many changes happening in the Real Estate industry this year we expect 2018 to be an interesting one to predict and navigate. We have yet to see the full impact of the new federal Mortgage Stress Test in our markets, and there are changes to our industry in the works on a provincial level aimed at dual agency rules and customer protection.
2017 was a slower year overall for the Greater Victoria Regional District real estate markets, there were 15.8% fewer sales than in 2016. With the multiple offer scenario diminishing, the market has moved from a seller’s market to a more balanced market between buyers and sellers.
Pender Island currently has an all record low inventory of 42 Properties and Saturna has 33.
Victoria Real Estate Board President announced 9.7% fewer sales in October this year than in 2016 with a very low inventory.
On Pender Island we have seen 105 sales January 1 – October 31, 2017, only slightly lower than in 2016, with 8 Sales in October 2017 as well as 8 in October 2016.